Our customers often spend all of their time looking for the just right home, the right piece of real estate, where they will live happily ever after. 

Sometimes they are educated buyers, but many times I hear people say, six months after their home purchase, "I wish I would have bought closer to the city.  There aren't any other children for our kids to play with here in this area."   Of course it could be ‘further from the city' and ‘in a quieter neighborhood'.  The point is that sometimes our customers really don't even know what to ask.  A really good realtor might find out enough about their life style to steer them in the right direction, especially if he/she can read minds. 

The same type of things  happen with acquiring a loan.  There is sticker shock at the closing table too often.  There are customers in a conventional loan because that is what they know about. 

Here's a way for your customers to become a little savvier, by knowing what to ask.

1. What documents do you need upfront?
2. Will you pre-approve a loan for me?
3. Will you give me a side by side comparison of atleast two different loans that might fit the bill for me?
4. Does my loan have a pre-payment penalty?
5. What is your yield?
6. What is my payment, can it change?  What is the worst case scenario?
7. Do you guarantee your closing costs on a good faith estimate?
8. How does my FICO score affect my loan rate and term?
9. What if I plan to live in my house for one year?  Will that change the rate?  Is there a better way to structure this loan for a short term period of time?
10. What guarantee can you make so that I am sure there won't b3 a discrepancy at closing time?
11. When is my rate locked?  How long is the lock?  
12. How often will you communicate with me on my loan?
13. How long will it take to process and fund a loan with your company?
14. If I have PMI, how soon can I drop it? 
15. Will you do a streamline no cost loan if I refinance within a certain period of time?
16. Can I review my closing documents prior to closing?
17. Can you give me a couple of names and numbers of past borrowers to contact as references?

I can't think of a reason that a realtor wouldn't want to hand  a copy of these questions, along with the business cards of their preferred lenders to their clients.  I know that realtors are always concerned with surprises at the closing table and consistent followup - those are the two big requirements that I always hear - assuming that their lenders are total wackos!   

A customer who is happy with their house and happy with their loan and happy with their closing experience is a customer who will bring referalls and brag about how great their experience was - usually to not only all of their friends, but to anyone who will listen.    

Add a few of your own questions, put your logo on this list, and feel free to hand it out to all your clients!  Let me know if you think of any great questions to add to my list, too